Commission OKs proposed new owners of Delta casinos
Published: November 21,2011
Tags: bankruptcy, casinos, foreclsure, gambling, gaming, hospitality, hotels, lodging, management, meetings and conventions, mergers and acquisitions, ownership, restaurants, state government, tourism, tourists, visitors
TUNICA — The Mississippi Gaming Commission has approved a structure to allow the seamless transition and uninterrupted operations of the Resorts and Bally’s casinos in Tunica, according to Foundation Gaming Group, LLC.
As previously reported, the two Mississippi casinos were part of the ACH, an Atlantic City casino. New Jersey casino regulators approved a plan to keep the struggling casino open and save the jobs of nearly 2,000 workers.
The state Casino Control Commission approved a plan for the casino’s owner, Los Angeles-based Colony Capital, to pump $15 million into it to keep it afloat. In return, lenders would foreclose on and take ownership of two casinos in Mississippi that Colony owns, Bally’s Tunica and Resorts Tunica, and will wipe out the mortgage debt for ACH.
The Foundation Gaming transaction is subject to completion of the foreclosure process. Once the foreclosure process is completed, and assuming the lender is the successful bidder, Foundation Gaming would operate the two casino properties.
The transaction is expected to close on or before November 30, 2011.
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